A penthouse in the proposed Waiea tower in The Howard Hughes Corp.’s Ward Village in Honolulu, seen in this rendering has a price tag of $20 million, the developer said Friday.

The Howard Hughes Corp.’s two ultra-luxury condominium high-rises in Kakaako, which began the sales process last month, is expected to start construction this summer, the Texas-based developer said in its 2013 annual report to shareholders.

Thus far, The Howard Hughes Corp. (NYSE: HHC) has spent $17.1 million on the development of the two towers, named Anaha and Waiea, which will add nearly 500 residential units to the Honolulu market, including a penthouse with an asking price of $20 million, a record for the highest asking price ever for a new condo unit in Hawaii.

The Howard Hughes Corp. plans to add more than 900 residential units in the first phase of its Ward master plan, which includes these two mixed-use high-rises.

The developer also said in its annual report that it sold its rights to its 50/50 development joint venture for $47.5 million in the ONE Ala Moana ultra-luxury condo project, which is under construction atop the Nordstrom parking garage at Ala Moana Center.

The 206-unit ONE Ala Moana project is being developed by HHMK Development, which includes The MacNaughton and Kobayashi Group, as well as The Howard Hughes Corp., and is expected to be completed in the fourth quarter of this year.

HAWAII AMERICANA REALTY

For the past 14 years, Mark G. Howard has practiced his skills as a licensed Realtor in Santa Fe, New Mexico, Las Vegas, Nevada and now Principal Broker & President of 'Hawaii Americana Realty', in Honolulu, Hawaii. He has gained a competitive edge in the real estate market by earning his status as an Accredited Buyer’s Representative (ABR).